Práce stručně shrnuje hlavní myšlenky teorie optimálních měnových zón a zabývá se změnami, které nastaly v souvislosti s přijetím eura v zemích eurozóny. Hodnotí dopady na míru inflace, vzájemný obchod, přímé zahraniční investice, synchronizaci hospodářských cyklů a zaměstnanost. Hodnotí připravenost České republiky k přijetí eura a porovnává ji s připraveností jiných nových členských zemí EU.

Diplomová práce hodnotí dosavadní historii Evropské měnové unie. Zaměřuje se na rozbor mechanizmu ERM II. Hlavní část je aměřena na analýzu integrační pozice ČR vzhledem k přijetí Eura. Rozbor maastrichtských kritérií ukazuje nedostatky v několika oblastech, především u kritéria veřejných financí. Třetí část hodnotí scénáře přijetí Eura a aspekty spojené se vstupem do EMU. Datum přijetí Eura bylo posunuto na horizont kolem roku 2011, což vyžaduje minimální setrvání v mechanizmu ERM II po dobu dvou let. Poté by měly převážit pozitiva pro ČR vzhledem k užívání této měny.

Cílem práce je zhodnotit schopnost České republiky nést dlouhodobé náklady související s členstvím v měnové unii. Riziko ztráty vlastní monetární politiky je analyzováno z hlediska kritérií teorie optimálních měnových oblastí. Práce se zabývá také otázkou vývoje inflace po uzavření kurzového konvergenčního kanálu. To vše je doplněno stručným shrnutím vývoje měnové integrace v západní Evropě a přímých i nepřímých přínosů přijetí jednotné měny.

<p>This essay presents an alternative approach to the predominant democratic analysis of the European Monetary Union. As the Treaties stipulate the political conduct within Monetary Union and put certain restrictions on the European politicians they are to some extent constitutional in their character. </p><p>Essential for constitutional theory is the concept of precommitment; according to which a decision is made in t1 purposing to obstruct certain actions in t2. In light of this the aim of this essay is to investigate whether or not delegating monetary responsibility to the ECB can be seen as an example of constitutional precommitment and if so, if this constitutional perspective can add something to the predominant democratic analysis of the EMU. </p><p>According to the author the EMU is by and large a form of precommitment as the leading politicians in Europe figuratively have tied their hands from intervening in the common monetary policy. The author is also of the opinion that a constitutional approach can add something to the incomplete democratic analysis of the EMU. If a treaty has a constitutional character one cannot expect it to be changed using ordinary political means. Since it is instituted to safeguard certain values the amendment process has to be complex. This complexity does not however entail that it is impossible to change the mandate of the ECB. The European Union furthermore has a confederal character and the member states can thus, as a last resort, withdraw their membership, still making them the"Masters of the Treaties".</p>

No description available.

No description available.

<p>According to the different studies regarding customs unions and monetary unions, both these types of economic integration will lead to increased trade which in turn affects the price level.</p><p>In this study, the changes in the price levels across Europe are investigated in order to see if the changes can be attributed to the EMU and the Euro. By using the PPPs calculated by OECD based on the theory of Purchasing Power Parity price levels in different countries become comparable between the countries and over time. The result is that there seems to be a clear convergence towards an average European price level in the observed period 1980-2005.</p><p>In order to investigate if this convergence is an effect of the EMU a panel regression on relevant data is run and the result shows that there has been a convergence in the EMU-price level, but it can most likely not be attributed to the Euro, but other factors like for example increased degrees of openness.</p>

According to the different studies regarding customs unions and monetary unions, both these types of economic integration will lead to increased trade which in turn affects the price level. In this study, the changes in the price levels across Europe are investigated in order to see if the changes can be attributed to the EMU and the Euro. By using the PPPs calculated by OECD based on the theory of Purchasing Power Parity price levels in different countries become comparable between the countries and over time. The result is that there seems to be a clear convergence towards an average European price level in the observed period 1980-2005. In order to investigate if this convergence is an effect of the EMU a panel regression on relevant data is run and the result shows that there has been a convergence in the EMU-price level, but it can most likely not be attributed to the Euro, but other factors like for example increased degrees of openness.

This thesis investigates in what way trade flows in Europe have been altered and differ for countries belonging to a preferential trade agreement as well as a common currency area. More specifically, how exports among the European countries are affected by memberships with the European Union and the EMU. A total of 72 countries have been chosen which represents the main trading partners between the EU and the rest of the world. Out of these 72 countries, 25 represent EU members which include 12 EMU member countries. The econometric analysis employ a gravity model with 18 variables in order to determine their impact on trade flows. This is done through a regression with a log-log equation where the dependent variable is export. The other variables included are chosen to explain export flows among the EU members as well as their trade with EMU countries and the rest of the world. Furthermore, variables representing trade affinities are included to determine whether or not they have a significant effect on trade. The regression is divided into four time periods in order to more easily determine how the trade pattern in Europe have altered from the establishment of the EU and the EMU. The first time period represent an early state of EU membership, the second a mature state of EU membership, the third when EU was reformed and the fourth an early state of EMU membership. The regression results illustrate that the majority of the selected variables are significant but most importantly that the trade affinity variables are proven to have an impact on trade flows. The results also show that trade has increased and that in the case of EU membership it is more profitable to join than to remain outside. Moreover, the result show in par-ticular that countries that belong to the EMU have a stronger orientation of their exports to the rest of the world then other EU countries. For the latter, the European market is of prime importance.

No description available.